Any numbers of property owners remain on the sidelines even as demand for rentals continues to increase. They hesitate to convert their properties into income-producers — even those that are eminently rent-able — because they are already fully occupied with career and family obligations. They simply cannot devote the time and attention required.
If you count yourself in that group, perhaps it’s time to consider the possibility from another angle: hiring a property management company. Not only do they make establishing a rental easier, they also help ensure that your asset is protected — a must for landlords who don’t live in town.
Even if you own a residence in one of our more desirable neighborhoods, it’s still necessary to start with a competitive read on how much rent it will fetch. That’s where a local property management company’s assessment, based on current market values in the area, can remove any worry about under- or over-charging (and unnecessary vacancies).
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The right property management entity will find renters, screen them, place the best tenants in your property, and ensure that it is maintained while they are in residence. That’s a lot of work for anyone with a full-time career and/or a household to run, and why the relatively small fee that a property management company will charge is probably well worth the cost.
An intangible yet extremely important service property management firms render comes in the sound advice they are able to offer. Their opinion on which repairs are needed and which can wait, what future expenses you should typically plan for, how best to promote your property, etc., can be invaluable. Removing the need for guesswork from the landlord’s planning perspective can mean a lot fewer sleepless nights — and often a more satisfactory bottom line.
Find out what's happening in Marple Newtownfor free with the latest updates from Patch.
Today’s rental properties stand as terrific investment options. They comprise opportunities that even a busy professional can take advantage of — particularly when a property management firm is there to backstop your return on investment.
John Badalamenti is an Associate Broker with Prudential Fox & Roach serving the Philadelphia Main Line & Surrounding Suburban Philadelphia area. John can be reached via email @ johnb@subphillyhomes.com or visit his website: www.MainLineHomeZone.com
Thinking About a Career in Real Estate? Contact John today for a confidential conversation without obligation.
